For Sale By Owner
My legal services are particularly helpful for For Sale By Owners (FSBOs), those
who are selling their property without the aid of a broker or real estate
salesperson (Realtor). As a FSBO, you should retain a lawyer who specifically
practices in the area of residential real estate law to prepare all of the
necessary documents of a real estate transaction. Do not make the mistake of
hiring an attorney not familiar with the complexities of real estate.
Many FSBOs
engage the services of Internet web sites that aid in listing and selling their
property. Those sites, at times, can perform well if you decide that you do not
want a real estate professional listing your property. However, absent from
those listing services is the component of professional legal advice and
services.
Your legal documents are the most important facet of your sale and if
not done properly can likely cause significant problems. Do not use a generic
form from the Internet or from a stationary store. While these documents may
work in a very simplistic transaction, they often lack well tested language and
many important contingencies, which if not properly addressed often lead to
litigation.
I am commonly retained by FSBOs to prepare and review the Agreement
of Sale which dictates the terms of the transaction. This document contains
comprehensive writing, with time-sensitive dates and contingencies that need to
be accurately addressed.
In Illinois, the Agreement of Sale recommended by
the Illinois Association of Realtors has over 30 paragraphs, many of which
contain detailed sub-parts. It is essential as a FSBO to have a competent professional either
draft or review the Agreement of Sale. Do not take the word of the buyer, or
their representative; they are not in a position to protect your interest. You
need your own representation.
In addition to creating the Agreement of Sale, I
can provide, explain and review the Seller's Property Disclosure Statement. This
is a required document in most jurisdictions that obligates Sellers to disclose
material defects in the property they are selling. In recent years the
disclosure statement has become a lightening rod for law suits for the failure
of Sellers to adequately disclose defects. Therefore, it is important to have a
lawyer advise you in completing this document.
In addition, I can review the
title report, ordered by the buyer, to look for encumbrances and defects in the
title. Also, if you desire, prior to settlement, I can review and explain the
Uniform Settlement Statement (the HUD-1), the document that lists the expenses
of the parties. Also, if you choose, I can prepare for and attend the
settlement.
If piece of mind is important to your deal you will find my fees
reasonable and perhaps the best money you spend in selling your real estate.
If
you take away one piece of advice from my site it is this: CONTACT ME BEFORE YOU
SIGN ANY DOCUMENTS! Your first telephone consultation is free.